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Tuesday, September 27, 2022

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Indian Rupee Depreciates Against The U.S. Dollar

The Indian rupee depreciated against a rallying U.S. dollar in early trade.

The currency opened 5 paise higher over its previous close at 79.79 against the greenback. But soon after, it declined 8 paise to 79.87. As of 11 a.m., it traded at 79.86.

RBI Governor Shaktikanta Das, at an event on Monday, said the Indian rupee has moved in “an orderly manner in the current financial year so far.”

“It has held its own in a world of sharp depreciation across other emerging and advanced economy currencies. While the U.S. dollar has appreciated by 11.8% during the current financial year so far, the rupee has depreciated by 5.1%, which is among the lowest in the world,” Das said. “The RBI is in the market on a regular basis, providing liquidity and confidence so as to facilitate its smooth and normal functioning.”

The rupee had fallen to an all-time low of 80.13 on Aug. 29.

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